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  • #119,421
  • Jul 8, 2009 6:18am Jul 8, 2009 6:18am
Quoting notch
Yes but that is less than 10% of your account...right?
That is the point... I was so sure to bounce back, I took long with 100% of my account. So stupid of me ...
cut losses short, let profits run.
  • #119,422
  • Jul 8, 2009 6:18am Jul 8, 2009 6:18am
Quoting Domas4
Tonight I got my account destroyed by Mr Market.
Lost ~5k. Oh well...
Think positive! Atleast your broker will be happy.

Seriously: either this is a small percentage of your account and there is no problem, or you have learned the lesson to use a stoploss or trade way smaller.
  • #119,423
  • Jul 8, 2009 6:18am Jul 8, 2009 6:18am
I waiting for short 1,395x
  • #119,424
  • Jul 8, 2009 6:19am Jul 8, 2009 6:19am
Quoting Domas4
Tonight I got my account destroyed by Mr Market.
Lost ~5k. Oh well...
chin up Domas, you'll bounce back mate!! you must foget it and move on because as Notch says, trade the setups!! good luck. MT
  • #119,425
  • Jul 8, 2009 6:21am Jul 8, 2009 6:21am
Quoting MrTrendy
spot on I talk about loads of ideas etc but only trade when system says so!!

Me too. MOST OF THE TIME. I rarely feel comfortable after pulling the trigger; fact is when I do feel comfortable things usually go tits up...afterall why should doing something 95% of other people aren't doing feel comfortable?
  • #119,426
  • Jul 8, 2009 6:21am Jul 8, 2009 6:21am
Quoting Hell7
Think positive! Atleast your broker will be happy.

Seriously: either this is a small percentage of your account and there is no problem, or you have learned the lesson to use a stoploss or trade way smaller.
The lesson for me is - Trade WAAAAYYYY smaller.
I used to do like 2 trades per day with trading 100% of my account and using 1:200.
It used to be all good. ~15% increase per day. But when I took this one
all went wrong.... Now it bounced back, but when I fell asleep Stop Loss killed all my money.
cut losses short, let profits run.
  • #119,427
  • Jul 8, 2009 6:23am Jul 8, 2009 6:23am
Quoting Optimum
I waiting for short 1,395x
Optimum you went long yesterday @ 1.3920 with 10 lots.
How is your account doing? Mine got destroyed by SL

EDIT: Anyway thanks for support guys. Now I have to get more money into my account and this will take some time.
I will trade stocks again (that's where I began and that's where I am successful) to bounce back.
cut losses short, let profits run.
  • #119,428
  • Jul 8, 2009 6:25am Jul 8, 2009 6:25am
Quoting Domas4
That is the point... I was so sure to bounce back, I took long with 100% of my account. So stupid of me ...

My friend. It isn't a great place where you're at right now. I've been there more times than I care to mention and I wouldn't wish the feelings on my worst enemy (just death).

But this could be the beginning of something great which will make your losses today look like a mere trivial business expense. Get that demo account open (after you've had a rest) and start working on your execution, MM and your setups. The volty, MACD and a trend line on the 5 min is all you need or even that system that I posted last week. Get to work!
  • #119,429
  • Jul 8, 2009 6:25am Jul 8, 2009 6:25am
Quoting notch
Me too. MOST OF THE TIME. I rarely feel comfortable after pulling the trigger; fact is when I do feel comfortable things usually go tits up...afterall why should doing something 95% of other people aren't doing feel comfortable?
hahahaha i'm giving it large when in fact the above is true of me too!!....I also let myself down with stupid trades a lot - usually comes after a winning run (ie reaching daily target and rather then leaving it, you think you now own said market!! lol)...

btw look at that GU bounce!!!! long EU coming up soon....still waiting....

MT
  • #119,430
  • Jul 8, 2009 6:28am Jul 8, 2009 6:28am
Quoting Optimum
I waiting for short 1,395x
Market will touch 4020.
Won't it ?

Be Happy
  • #119,431
  • Jul 8, 2009 6:29am Jul 8, 2009 6:29am
Quoting MrTrendy
hahahaha i'm giving it large when in fact the above is true of me too!!....I also let myself down with stupid trades a lot - usually comes after a winning run (ie reaching daily target and rather then leaving it, you think you now own said market!! lol)...

btw look at that GU bounce!!!! long EU coming up soon....still waiting....

MT

Yep.. I have the GU and EU charts up.

You may not believe this but I actually deliberately break a winning streak by losing small. Winning streak in weeks don't count!
  • #119,432
  • Jul 8, 2009 6:29am Jul 8, 2009 6:29am
Quoting notch
My friend. It isn't a great place where you're at right now. I've been there more times than I care to mention and I wouldn't wish the feelings on my worst enemy (just death).

But this could be the beginning of something great which will make your losses today look like a mere trivial business expense. Get that demo account open (after you've had a rest) and start working on your execution, MM and your setups. The volty, MACD and a trend line on the 5 min is all you need or even that system that I posted last week. Get to work!
Thank you very much. It sort of reminds me when I began with stocks. At first it was a nightmare. But after 6 months, I could make profit easily. I hope Forex will be the same case.
cut losses short, let profits run.
  • #119,433
  • Jul 8, 2009 6:31am Jul 8, 2009 6:31am
Quoting Domas4

EDIT: Anyway thanks for support guys. Now I have to get more money into my account and this will take some time.
I will trade stocks again (that's where I began and that's where I am successful) to bounce back.

Dude, you sound far too upbeat. PUNISH YOURSELF...Tie that arse to a demo trading seat for at least a few days.
  • #119,434
  • Jul 8, 2009 6:31am Jul 8, 2009 6:31am
I'm waiting to enter. i think she will go up.
  • #119,435
  • Jul 8, 2009 6:31am Jul 8, 2009 6:31am
Quoting Domas4
The lesson for me is - Trade WAAAAYYYY smaller.
I used to do like 2 trades per day with trading 100% of my account and using 1:200.
It used to be all good. ~15% increase per day. But when I took this one
all went wrong.... Now it bounced back, but when I fell asleep Stop Loss killed all my money.
On a demo account I opened recently to test out MetaTrader I trade 1$ per pip per 1000$ in my account. When the account started at 5000$ I traded 5$ per pip, when it was 6000$ I traded 6$ per pip, .... Offcourse I never will allow for that that, but this way I can theoretically let a trade go against me for 999 pips without going bankrupt! That account is up 120% in a few weeks, so you can get nice results with small leverage too.

On my real account I trade even smaller, and I'm up 'only' 185% for the year. That's offcourse not as impressive as 15% per day, but I'm happy and, more importantly: stressfree!
  • #119,436
  • Jul 8, 2009 6:32am Jul 8, 2009 6:32am
Quoting notch

You may not believe this but I actually deliberately break a winning streak by losing small. Winning streak in weeks don't count!
you're right I dont! (kidding) - I do see the logic tho....
  • #119,437
  • Jul 8, 2009 6:36am Jul 8, 2009 6:36am
hi guys, just back from work.

so, wat's the outlook now?
  • #119,438
  • Jul 8, 2009 6:37am Jul 8, 2009 6:37am
Quoting MrTrendy
you're right I dont! (kidding) - I do see the logic tho....

It is actually hard to allow it to happen. But that in itself raises some interesting questions about oneself. Long winning streaks are destablising for many traders. The emphasis moves (insidiously) away from perfect execution to maintaining the wininning streak. Better to rid that Monkey by losing 0.05% of your account then to allow that Monkey to take more.
  • #119,439
  • Jul 8, 2009 6:41am Jul 8, 2009 6:41am
Quoting Domas4
Optimum you went long yesterday @ 1.3920 with 10 lots.
How is your account doing? Mine got destroyed by SL

EDIT: Anyway thanks for support guys. Now I have to get more money into my account and this will take some time.
I will trade stocks again (that's where I began and that's where I am successful) to bounce back.
yesterday closed trade.

I waiting for short 1,395x/6x 5/10lots. T/P 1,3850
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  • #119,440
  • Jul 8, 2009 6:41am Jul 8, 2009 6:41am
Quoting notch
It is actually hard to allow it to happen. But that in itself raises some interesting questions about oneself. Long winning streaks are destablising for many traders. The emphasis moves (insidiously) away from perfect execution to maintaining the wininning streak. Better to rid that Monkey by lossing 0.05% of your account then you allow that Monkey to take more.
How does making deliberate losers help against overconfidence?
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